Many Nigerians still excluded from capital market, says SEC

June 24, 2021 Segun Odunewu 0

The Securities and Exchange Commission has stated that about 40 percent of Nigerians who are financially excluded, especially those between the ages of 18 and 35, are also excluded from participation in the Nigerian capital market. This was stated by Director General of the SEC, Lamido Yuguda, who was represented by the Executive Commissioner Legal and Enforcement, Reginald Karawusa, at Read More

Digital platforms’ll aid financial inclusion – SEC

June 23, 2021 Amaka Ifeakandu 0

The Securities and Exchange Commission has said that it recognizes the importance of digital platforms for democratizing access to capital market products and services for greater financial inclusion in the capital market. Director General of the SEC Mr. Lamido Yuguda made this statement at a webinar organised by the Commission with the theme “Digital platforms: New Frontier for capital Market Read More

Minister commends Nigeria Exchange Ltd

June 23, 2021 David Agba 0

The Minister of Finance, Budget and National Planning, Mrs Zainab Shamsuna Ahmed, has commended the Nigerian Exchange Limited for its efforts towards deepening the Nigerian capital market. The Minister gave the commendation, Tuesday, when the management of the Exchange, led by its Chief Executive Officer, Mr Timi Popoola, paid her a courtesy call in her office in Abuja. While acknowledging Read More

SEC mulls 25% contribution from Nigeria’s non-interest capital market

June 17, 2021 Segun Odunewu 0

The Securities and Exchange Commission (SEC), says its Capital Market Master Plan (2015-2025) is to achieve a 25 percent contribution from the non-interest market to the overall market capitalization by 2025. Abdulkadir Abbas the Head, Securities and Investment Services, SEC gave the assurance as keynote speaker at the maiden WebTV Islamic Finance Webinar series. Representing the Director-General SEC Nigeria, Alhaji Read More

SEC adopts guidelines on sustainable finance for CMOs

May 23, 2021 Benjamin Umuteme 0

The Securities and Exchange Commission has adopted the Nigerian Sustainable Finance Principles (NSFP) as developed by the Financial Services Regulation Coordinating Committee (FSRCC) for the capital market.  This was contained in a statement released by the Commission in Abuja, weekend. The regulator stated that the objectives of the SEC guidelines on NSFP are to: Stimulate a resilient, competitive and sustainable Read More

Access Bank acquisitions trigger losses for shareholders

May 19, 2021 Segun Odunewu 0

The Nigerian capital market reacted negatively to the report of Access Bank acquiring a commercial bank in Mozambique, crashing the Nigerian lender’s stock value in two days. Recall that the bank just completed another acquisition outside the shores of Nigeria after sealing a takeover deal of African Banking Corporation, Mozambique. This is the bank’s fifth acquisition in four years. In Read More

Afreximbank closes historic $1.3bn bond

May 18, 2021 David Agba 0

African Export-Import Bank (Afreximbank) on 10 May 2021 closed a US$1.3 billion dual tenor bond issuance, the Bank’s largest-ever transaction in the international debt capital markets. Afreximbank printed a $600 million 5-year note at a spread of T+185bps and a $700 million 10-year note at a spread of T+220bps, after achieving a final order book of $4.5 billion. The Initial Read More

FSDH Funding SPV Plc lists Series 1 Bond on FMDQ Exchange

May 12, 2021 Amaka Ifeakandu 0

FSDH Funding SPV PLC has listed N7.05 billion Tranche A and N4.95 billion Tranche B Series 1 Fixed Rate Bonds under its N30 billion Debt Issuance Programme on FMDQ Securities Exchange platform. FSDH Funding SPV PLC is a special purpose vehicle set up to raise capital from the Nigerian debt capital market for FSDH Merchant Bank Limited. Speaking on the Read More

Union Bank’s assets sale triggers investors demand

May 12, 2021 Segun Odunewu 0

The anticipation for sales of Union Bank assets owned by Atlas Mara has triggered investors demand for the lender’s asset. Atlas Mara was reported to be withdrawing its presence in Nigeria and Africa because it misjudged the financial market of the continent, and was not impressed with its experience. Union Bank is its biggest asset in Africa, with the company Read More

Foreign Stocks: SEC to register, monitor brokers to ensure transparency

May 10, 2021 Benjamin Umuteme 0

The Securities and Exchange Commission (SEC), has said it would register and actively monitor brokers selling stocks for foreign companies. The Executive Commissioner Operations of the SEC, Mr. Dayo Obisan, who disclosed this weekend during an interview with Bloomberg, said the move is in furtherance of its mandate of ensuring investor protection and market transparency especially for retail investors. Obisan Read More

Stock market closes lower, sheds N167bn

May 6, 2021 Amaka Ifeakandu 0

Trading on the floor of Nigerian Stock Exchamge Thursday sustained volatility during the day, closing lower by N167 billion on a higher traded volume. Market capitalisation of listed equities declined by 0.81 per cent to N20.470 trillion from N20.637 trillion reported the previous day. The NSE All Share Index also depreciated by 319.08 basis points to 39114.73 points from 39433.81 Read More

Joint Technical Committee boosts hope for recapitalisation of FMBN

April 16, 2021 David Agba 0

The federal government’s efforts to reform the Federal Mortgage Bank of Nigeria (FMBN) for optimum performance has received a boost with the inauguration of members of the Joint Technical Committee (JTC) for the full commercialisation and recapitalisation of the Bank. Inaugurating the 8- member committee; comprising four members each from the Bureau of Public Enterprises (BPE) and the Federal Mortgage Read More

Weak underwriters urged to embrace mergers, acquisitions for big business

Experts in the insurance industry have charged weak operators in the market to embrace mergers and acquisitions (M&A) to form big-ticket firms that would compete globally. The Group Managing Director/Chief Executive, Continental Reinsurance, Femi Oyetunji, warned that unless the number of insurance firms is reduced to 20 strong underwriting companies, the insurance market cannot compete with their international counterparts. He Read More

SEC cautions potential investors against `high returns’ fraud schemes

April 1, 2021 Admin III 0

The Securities and Exchange Commission (SEC) has cautioned potential capital market investors against putting their monies in fraud schemes that promise unwarranted high returns. Tunde Kamali, the Head, Investor Education of the Securities and Exchange Commission (SEC), gave the advice at a webinar meeting with title `The ABC of Savings and Investment in Abuja’. Mr Kamali expressed regrets that fraudsters Read More

Experts raise concerns over dwindling fortune of Naira

March 14, 2021 Segun Odunewu 0

Financial experts have raised serious concerns over the dwindling fortune of the Naira in the foreign exchange market as the local currency moves closer to N500 to one US Dollar at the parallel market. At the weekend, the Naira currently exchanges for N485/$1 at the parallel market and N415/ $1 at I&E Forex window, dashing expectations that the Central Bank Read More

Seplat driving sustainability with growing gas business – Brown

March 1, 2021 Amaka Ifeakandu 0

Seplat Petroleum Development Company Plc, leading indigenous energy company, has identified its fast-growing gas business as a strong catalyst for sustainable development in Nigeria. Chief Executive Officer, SEPLAT, Mr. Roger Brown, described this drive as a revolution, indicating that the direction is laudable and highly rewarding to the Nigerian people and the economy at large. Brown said this at the Read More

Parthian Partner, others register N20bn CP on FMDQ platform

February 23, 2021 Amaka Ifeakandu 0

The Nigerian Debt Capital Market (“DCM”) has continued to witness significant activity among corporates seeking a viable avenue to raise capital to meet their financing needs. Parthian Partner Limited has joined other companies to register N20 billion Commercial Paper (CP) programme on the FMDQ Securities Exchange Limited (FMDQ Exchange) platform. The registration of this CP Programme according to FMDQ Exchange Read More

Cryptocurrency Ban: SEC opens up

February 12, 2021 Benjamin Umuteme 0

The Securities and Exchange Commission (SEC) has said it’s stance on cryptocurrency does not contradict the position of the Central Bank of Nigeria (CBN).  The Central Bank had earlier this week barred banks from engaging in crypto transactions. The regulation in a statement on Monday said it took the action as the digital currency was being used to not only Read More

Nigeria needs more FDIs to funds capital projects – Chukwu

February 11, 2021 Amaka Ifeakandu 0

The Managing Director, Cowry Asset Management Limited, Mr. Johnson Chukwu, has said that Nigeria needs appropriate policies that will attract Foreign Direct Investment (FDI) into the country. He said Nigeria needs to put in place policies that will attract foreign exchange inflow that would enable the country fund capital projects. Chukwu who stated this in his presentation at a virtual Read More

Stock market loses N23bn as profit taking lingers

February 4, 2021 Amaka Ifeakandu 0

Volatility and profit taking continued on the floor of Nigerian Stock Exchange yesterday as value of equities declined further, shedding N23 billion. This extended the bearish stance for the third successive session as investors cash out their short term profits. Specifically, Market Capitalisation of listed equities dropped by 0.10 per cent to N21.970 trillion from N21.993 trillion reported on Tuesday. Read More

Decentralised system, best for Crypto-Currency business – Expert

January 21, 2021 Benjamin Umuteme 0

A forex market and crypto currency expert who is also the African Arrow Head of The Decentralized Artificial Intelligence System (D.AI.SY), Michael Jetsam, has said the Federal Government’s decision to regulate the crypto currency market could have come at the right time saying it has given room for investors to have a clear distinction between the centralized and decentralized crypto Read More

Famzhi Interbiz not registered to operate in capital market, SEC warns Nigerians

December 21, 2020 Admin III 0

The Securities and Exchange Commission, SEC has disclaimed the activities of Famzhi Interbiz Limited as neither the entity nor the illegal products they offer are registered or regulated by the Commission. According to the SEC, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the illegal fund management operation conducted by FAMZHI INTERBIZ LIMITED. “The Read More

SEC clarifies position on unclaimed dividends trust fund

December 12, 2020 Benjamin Umuteme 0

The Securities and Exchange Commission (SEC) has stated that it is not against the proposal by the federal government to set up unclaimed dividends and balances trust fund. This was disclosed by the Head, Securities and Investments Services (SIS) Department Mr. Abdulkadir Abbas while making clarifications on the Commission’s presentation at the one day Public Hearing on the Finance Bill, Read More

Lawmaker harps on need to develop capital market

December 9, 2020 Amaka Ifeakandu 0

The need for Nigeria to develop the capital market in a bid to accelerate economic growth and tackle the infrastructural challenges bedevilling the nation, has again been emphasised. Chairman House of Representatives Committee on Capital Market and other Institutions, Mr. Babangida Ibrahim stated this during a visit to the Lagos Commodities and Futures Exchange in Lagos, Wednesday. Ibrahim said the Read More

SEC seeks more listings, products in capital market

December 8, 2020 Amaka Ifeakandu 0

The Securities and Exchange Commission (SEC) is exploring various avenues to bring more companies to list on the capital market and to increase the number of products in the market. The commission said the initiative would raise the market capitalisation of the Nigerian Stock Exchange (NSE) and contribute to the development of the nation’s national economy. The Director-General, SEC, Lamido Read More